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Whether you’re a recent college graduate or have spent some years working and saving, making your first home purchase may have crossed your mind. Thoughts about the real estate market in New York and the overall affordability of a home for first-time buyers may have quickly followed as well. However, buying a home is more attainable than you think and can be a valuable tool in building your net worth and overall wealth.  Homes Appreciate Over Time One of the largest reasons people buy a home has more to do with selling it down the road than anything. The value of a home has consistently appreciated over time. While their appreciation can take years and you may experience some downturns, the overall trends are consistently positive.   And when the time comes to sell, any return on your investment is yours, not your landlord’s, to keep.  Investment Potential  If you buy property in a developing neighborhood, especially here in New York, chances are that your home will yield a high return within a few years. Spending those same years renting a property will put you at a disadvantage when you do decide to buy. The home that you could have bought in the developing area will now be selling for a lot more in that same area, leaving you paying a much higher price for the exact same property. Worst case scenario of buying? The appreciation value will be slower than expected but investing in property has always been one of the safest investments you can make.   Tax Breaks When you take out a loan to purchase a property, you will be eligible for a tax deduction against the interest paid on the loan. If you ...

In a market where timing can dramatically impact the amount of time spent looking for a buyer as well as the price you’re ultimately able to get, many people are led to believe that winter is the absolute worse time to sell your home in New York. However, this common misconception couldn’t be further from the truth. Take Advantage of the Opportunity to Sell High and Buy Low If you’re set on purchasing a home in the spring, selling in the winter gives you the chance to be a non-contingent buyer when you’re ready to make a purchase. As a buyer, the warmer months bring you a greater number of options but also an increase in the competition. Selling in the winter sets you up as a competitive buyer because you won’t be saddled with a house sale contingency by the time you’re looking to buy in the spring.  Beyond that, reduced inventory in the winter months often sees homes selling at slightly higher prices. Less options for buyers leaves them feeling less likely to try to negotiate the price down.  Capture the Relocating Buyer The first quarter of the new year brings a spike in people looking to move as employees are transferred to new areas. These individuals are eager to make offers and they’re often looking to move quickly.  Less Competition Makes Your Home Seem More Desirable  During the winter months, there are simply not enough homes for sale to satisfy the number of buyers in the market and waiting until the spring can have you seeing more time spent on the market and less money for your home. Sales are generally completed, on average, 10-15 days faster in the winter than they ...

Buying a “fixer-upper” home in New York has its advantages. For example, homes in need of work are typically priced well below comparable turnkey properties that are move-in ready, so it’s a chance to save money. You also get to put your own finishing touches on the property you’re buying. There are many ways to finance the purchase of a fixer-upper home in New York. The FHA 203k loan program is one of the most popular financing strategies among buyers. But how does this program work, and what benefits does it offer to you  as a home buyer? Here’s what you need to know. FHA 203k: Rehab Loans for New York Buyers Some home buyers who purchase fixer-upper properties in New York use two separate loans — one to finance the purchase itself, and one to pay for the renovation work. But it can be time-consuming, challenging, and sometimes costly to obtain two different loans for one property. That’s where the FHA 203k program comes in. This program is managed by the Federal Housing Administration, which is part of HUD. According to the HUD website: “Section 203(k) insurance enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage.” These loans can also be used to finance the rehabilitation of an existing  home. (Due to their nature, they are also referred to as rehabilitation or “rehab” loans, and sometimes FHA construction loans. All of these terms generally refer to the same program.) Other important details of this program: FHA 203k loans are ...

For a lot of New York home buyers, the down payment can be the biggest hurdle to buying a home. But it might only be a perceived  hurdle. The truth is there are several mortgage programs available in New York that offer low down-payment requirements. Additionally, borrowers might be able to obtain gift money from a family member or borrower from a 401k. Those are just some of the ways you could buy a home in New York with little to no money down. Buying a Home With Little Money Down, Using FHA House prices across New York have risen steadily over the last few years.  As a result, many home buyers in New York are seeking ways to reduce their upfront, out-of-pocket expenses when buying a house. Some prefer to buy a house in New York with little to no money down. Here’s how you might accomplish that goal. Despite common misconceptions, you don’t necessarily need a down payment of 20% or more when buying a house in New York. There are mortgage loans available that offer a much lower upfront investment. The FHA loan program is one of those financing strategies that offers a low down payment. The Department of Housing and Urban Development (HUD), which manages this particular mortgage program, allows borrowers to make a down payment as low as 3.5% of the purchase price or appraised value. Even better, HUD allows FHA home buyers to obtain gift money from a third-party donor, such as a family member, a close friend, or even an employer. These funds can be used to cover some, or all, of the minimum required investment. This is one way you could buy a home in New York with little ...

Silver Bay Lending offers a variety of mortgage calculators for New York home buyers and homeowners who are in the market for a loan. This article provides an overview of the mortgage calculators we offer on our site, and how they can help you with your budgeting and planning. How much will my mortgage payments be each month? How much of a house can I afford to buy? How much income do I need to qualify for a mortgage loan in New York? These are some of the most common questions home buyers and homeowners have about mortgage financing. Fortunately, we offer several budgeting and mortgage calculators to help you answer these and other important questions. Overview of New York Mortgage Calculators You’ll find more than a dozen different calculators on our site. They are designed to help you in your research and budgeting process. Here’s a quick overview of some of the most useful calculators for New York home buyers and homeowners who need mortgage financing. Monthly Payments :  There are a lot of mortgage payment calculators available online. But many are limited in the sense that they only allow certain basic parameters, like the loan amount and term. We offer New York home buyers and homeowners a more advanced monthly payment calculator. It allows you to calculate your payments more accurately, by including variables such as home insurance, property taxes, and mortgage insurance. Affordability :  How much can you borrow for a mortgage loan in New York? This calculator allows you to calculate the amount you can afford to borrow in much the same way that a lender would calculate it. You can enter ...

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